Bitcoin Cash (BCH) Faces A Major Hurdle Close To The $450 Level

Bitcoin Cash (BCH) tested a new monthly low and later consolidated higher against Bitcoin (BTC) and U.S dollar. The value of the digital currency traded close to the support at the $400 mark against the U.S. dollar. The digital currency is currently consolidating higher, but it is likely to encounter resistance close to the $450 mark.

At the time of going to press, Bitcoin Cash (BCH) is changing hands at $440 after an increase of about six percent over the past twenty-four hours. The current market cap of the digital currency is $7.67 billion and its trading volume over the past twenty-four hours is $309.61 million.

Bitcoin Cash (BCH) Price Analysis

There were several notable declines in the value of Bitcoin Cash (BCH) beneath the $425 mark. The digital currency broke beneath the support at the $425 and $420 marks and tested a new monthly low at $410. Buyers later showed up and pushed the value of the coin over the $425 mark.

There was also a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $475 to the low of $410. Nevertheless, the value of the digital currency is now moving towards a few vital resistance close to the $450 mark.

An immediate hurdle is close to the $444 mark and it represents the 50 percent Fibonacci retracement level of the previous swing from the high of $475 to the low of $410. Besides, the highlighted crucial bullish trendline of this week could stop uptrend close to the $450 mark.

If there is a break over this trendline, the next hurdle of the digital currency is close to the $460 mark and the 100-hourly simple moving average. Hence, the hurdles at $450 and $460 are likely to stop the present recovery of the digital currency.